Weekly Market Commentary | 24.04 – 30.04

Weekly Market Commentary | 24.04 – 30.04
Curious to know what’s happening on the markets this week? Take a quick tour of the latest news, economic updates, and trading setups that will keep you up-to-date and in the know.
- The new week will start slowly, with no key data being published on Monday
- The only number worth noticing will be the German Ifo Business Climate expected at 93.4

- Tuesday will be quiet as well, with the Australian and Italian markets not operating
- The only key data will be the CB Consumer Confidence from the US which is expected to come at 104.1

- On Wednesday, Australians will come back from their day off with important inflation data. Inflation is expected to drop to 6.6% from the 6.8% reported before
- We will also see the Core Durable Goods Orders number, where a drop of -0.2% is expected

- Thursday will be pretty empty, which is not really common
- The only key number published on that day will be the GDP in the US expected to rise by 2%

- Friday will be by far the busiest day in the calendar and we will start with the BoJ policy statement and outlook followed by the press conference
- Traders on the Euro will be excited to see the Prelim CPI from Germany which is expected to come at 0.6%
- 0.2% - this is the expected GDP in Canada that will be reported before the start of the American session
- At the same time, we will also get the Core PCE Price Index from the US expected at 0.2%
Setups for This Week:
Primary View:
The pair is approaching the end of the symmetric triangle pattern
This week, we will probably witness a breakout indicating the direction for the next few weeks
Monday starts with a test of the upper boundary, which makes the bullish breakout slightly more probable
Alternative View:
If the price breaks the lower line of the triangle, we will get a proper signal to sell
Primary View:
Friday ended with a proper drop, which cancelled the gains from the whole week
The drop did not happen in a random place as it was a bounce off the key, long-term down-trendline
That bounce confirms the bearish sentiment and a sell signal
Alternative View:
AUDJPY breaking the down-trendline would be a legitimate signal to go long
Primary View:
Last week brought about a comeback above the major up-trendline
This means that the breakout to the downside was a false one and it can serve as a proper signal to buy
As long as we stay above the up-trendline, the sentiment is positive
Alternative View:
USDCAD dropping below the up-trendline again will be a signal to go short

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